Chart USD/JPY Update: September gains meeting selling interest
The anticipated break above resistance at 156.65/00 has met selling interest at congestion around 158.00
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 160.00 | ** | break level | S1 | 156.00 | * | congestion | |
| R3 | 158.85 | * | 16 Jul (w) high | S2 | 155.00 | * | congestion | |
| R2 | 158.00 | * | congestion | S3 | 154.00 | * | break level | |
| R1 | 157.00 | * | congestion | S4 | 153.00 | * | break level |
Asterisk denotes strength of level
14:25 GMT - The anticipated break above resistance at 156.65/00 has met selling interest at congestion around 158.00, as intraday studies turn down and overbought daily stochastics flatten, with prices falling steadily to trade below 157.00. Continuation down to congestion support around 155.00 cannot be ruled out. But the rising daily Tension Indicator and improving weekly charts are expected to limit any initial tests in consolidation. Following any corrective trade, fresh gains are looked for. A close above 158.00 would turn sentiment positive once again and extend September gains towards the 158.85 weekly high of 16 July.